October is National Cybersecurity Awareness Month

NEW YORK, October 8, 2019 –Cyberattacks which result in data breaches pose financial and reputational risks to businesses yet there are cost-effective ways to reduce cyber risks, according to the Insurance Information Institute (I.I.I.).

The cost of data breaches worldwide for businesses of all sizes could cumulatively grow to $5 trillion in 2024 from around $3 trillion today, according to a report released this year by Juniper Research. Those dollar amounts reflect not only lost income but also the payment of data breach-related regulatory fines, the report noted.

Understand your cyber risks. Businesses are vulnerable to cyberattacks through hacking, phishing, malware, and other methods.

Train Staff. Those engaged in cyberattacks find a point of entry into a business’ systems and network. A business’ exposure can be reduced by having and enforcing a computer password policy for its employees.

Keep Software Updated. Businesses should routinely check and upgrade the major software they use.

Create back-up files and store off-site. A business’ files should be backed up either as an external hard drive or on a separate cloud account. Taking these steps are vital to data recovery and the prevention of ransomware. Ransomware is when a cyberattack results in a situation where a business is asked to pay a fee to regain access to its own data.

Ensure systems have appropriate firewall and antivirus technology. A business should evaluate the security settings on its software, browser and email programs.

Establish a Data Breach Plan. A business should remind its employees to review periodically the data breach detection tools installed onto their computers. If a data breach occurs, employees must notify the business immediately to prevent further loss.